Moody's Investors Service downgraded the rating on Toledo, Ohio-based ProMedica Health System to "A1" from "Aa3," affecting approximately $775 million of debt.
The downgrade is the result of a number of factors, including the health system's large operating loss and unexpected liquidity decline in fiscal year 2016 and expected further liquidity decline and lower margins than previous projections indicated.
The outlook is stable, reflecting Moody's Investors Service's expectation the health system will maintain adequate liquidity and will not face incremental leverage.